NEW YORK (GenomeWeb) – DermTech said it plans to raise as much as $20 million in private financing in order to support its commercial launch.
In a document recently filed with the US Securities and Exchange Commission, the La Jolla, California-based firm, which is developing gene expression-based tests for melanoma and other conditions, said that it has raised about $1.8 million. DermTech CFO and Treasurer Steve Kemper told GenomeWeb in an email that the firm is targeting $15 million, but the final amount could go as high as $20 million if the round is oversubscribed.
The proceeds will be used mainly for the company's commercial launch, including the hiring of sales representatives, expansion of its market presence, and addition of distribution partners. Proceeds will also be used to complete development of additional products for melanoma, basal cell cancer, and squamous cell cancer, he said.
In April DermTech raised $2.4 million. Kemper said then that the firm was launching a pigmented lesion assay and was testing the assay with certainUSdermatologists with plans for a broader launch in the second half of this year.